Cosmos, BAT, Cardano Price Analysis: 03 August
The recent activity in the cryptocurrency market has had a profound effect on the market’s altcoins. While Cardano [ADA] and Basic Attention Token [BAT] showed a retracement in the near-future, Cosmos’s [ATOM] charts seemed promising, with a surge expected very soon.
Following the recent crash in Bitcoin‘s price, altcoins might just get another chance to shine. However, for Cardano, this might not be the time for that in light of the fact that the price was forming not just a lower high, but also a lower low. Here, both were a confirmation of a downtrend or perhaps a retracement on the charts. With each token trading at $0.1350 at the time of writing, the market cap for ADA, the 8th largest cryptocurrency, stood at $3.49 billion.
The RSI indicator also showed a lack of buyers near the 43-level. Expecting a retracement would be logical, even in a bull run. It should be noted that such a drop will be purely based on the price action and might not make sense considering the successful launch of Shelley. As of writing, there were about 690 pools with over 4.6 billion ADA staked.
Basic Attention Token [BAT]
BAT has been seeing sideways price movement for a while, and at the time of writing, it was slowly heading lower [indicated by a downward-facing dashed-line]. The upper limit for the range was $0.269, but the price had already broken the support at $0.247 and tested $0.236. Since testing the previous support, BAT’s price has only surged higher. However, considering the MACD indicator’s bearish formation, the price might head lower to $0.2215.
Trading at $0.2464, BAT had a market cap of $365 million and was ranked 35th on CoinMarketCap’s charts. With a 1.46% drop in the last 24 hours, more decline may be on its way for BAT.
ATOM was ranked 26th and had a market cap of $764 million at press time, with the coin noting a healthy 1.65% surge over the last 24 hours. Interestingly, from the looks of it, more may be on their way.
The press time trend showed that ATOM was in an uptrend and was stuck between a resistance zone [green rectangle]. This zone will be the target for the next leg up from the trading price at the time of writing. Although there is a chance that ATOM might retest its local high of $4.51, it should first cross the aforementioned resistance zone.